BankBazaar Announces 600 New Hires in FY22

National, May 5, 2020: BankBazaar.com, India’s leading free credit score provider and online financial product marketplace, announced plans for increased hiring to support growth and business expansion. In this financial year, the company plans on hiring 600 new employees split across the Technology, Product, Operations, and Customer Service domains as BankBazaar looks to expand its Digital KYC and analytics solutions – the key growth drivers for the company – to a much larger portfolio of unsecured credit products. Hiring will take place across all BankBazaar locations in Chennai, Bangalore, and Mumbai.
Speaking about the hiring plans, Sriram V, CHRO, BankBazaar, indicates that post lockdown especially now when there is a resurgence of the pandemic, the demand for digital alternatives is on the rise, and the company is ramping up its ability to deliver innovative products that solve the most pressing needs of this period of flux. “We are continuing to see an increase in the demand for innovative contactless solutions that make access to credit products easier and smoother. Given the growth momentum and the high resource utilization we are seeing, we believe it is essential to shore up our strengths and build an even bigger team that is ready to meet every future challenge that comes our way,” says Sriram.
Considering the present situation with Covid-19 where several parts of the country are facing increased risk from infections, BankBazaar announced that the company will be bearing the cost of vaccinating employees and their immediate family members who are eligible as per government guidelines. The company, which moved its corporate workforce work to an entirely remote working set-up last March, plans on continuing that way for the foreseeable future. Consequently, the Work From Home options for existing and potential employees have been extended, and employee engagement activities have been ramped up.
Adhil Shetty, Co-Founder & CEO, BankBazaar says: “In the last one year, BankBazaar’s technology and innovation withstood the test of an unprecedented global pandemic and the resultant economic downturn. This has been possible only due to the commendable commitment and enthusiasm shown by our employees in developing game-changing solutions that have positively impacted the financial sector. At this crucial time, this is our way of acknowledging their efforts and successes and doing our bit to contribute to our employees lives in a meaningful way. With the second wave of Covid-19 peaking, the demand for innovation and disruption especially in contactless lending is only set to increase, and we are gearing up to meet this demand. In this difficult time, as the need for easy access to emergency credit becomes paramount, we are working to ensure that there are as few roadblocks as possible.”
According to BankBazaar, the primary driver for growth last year were credit cards, and in less than a year since the start of Digital KYC, 72% of credit card issuances were contactless, indicating a dramatic shift in access to credit. Additionally, in the last quarter of FY21, there has been a resurgence in demand for personal loans for the first time after the pandemic. The company indicated that there has been a 2X growth in the number of applications between January and March 2021, as credit outlook improved and credit tightening normalized. Almost 88% of personal loan disbursed were via contactless alternatives such as Digital KYC. The company is optimistic that the next bounce back will be in personal loans segment.

Module No:601-604, 6th Floor, Ticel Bio Park
Chennai
Tamil Nadu - 600113
India

BankBazaar.com is India’s first neutral online marketplace that gives instant customized offers on loans and credit cards. It also provides customers free consumer credit score on its portal. Over 50+ of India’s leading financial institutions have chosen to integrate themselves with the platform. BankBazaar has so far raised USD 116M in funding from investors such as Experian, Eight Roads, Sequoia India, Walden International, WSV, and Amazon.

This release was published on openPR.